Post by
15Stanmore on Jul 01, 2021 10:49am
Verde Stock Option Plan Vote
Hello fellow Verde shareholders,
The voting results from the June 30 AGM have been posted on SEDAR and are summarized below.
There were a total of 20,333,844 shares voted for Resolution 1 (Auditors) , and 19,048,628 shares voted for Resolution 2 (directors) and Resolution 3 (Stock Option Plan). Can anyone explain why shareholders with 1,285,216 shares took the time to vote, but only to approve the appointment of the auditors and decided not to vote for any of the directors or to offer an opinion on the Stock Option Plan - very strange from my perspective.
Compared to last year where the total shares voted were 9,802,172, the 20,333,844 voted this year is a significant increase in shareholder participation (40.3% of all shares versus 20.9% in 2020). Included in the 20,333,844 were 10,285,172 shares held by insiders, primarily those held by CEO Veloso (9,451,547).
Looking at Resolution 3, the results were 13,571,022 for and 5,477,606 against. I assume that the insiders all voted for the SOP (they are the ones who can participate and benefit from the Plan's overlly generous provisions). That leaves the independent shareholder results as 3,285,850 approving and 5,477,606 against the current Stock Option Plan, which would have defeated the resolution.
I would suggest the TSX rules that allow directors and officers who are clearly in a conflict of interest to overturn shareholders when voting on Stock Option Plans need to be reconsidered.
Cheers,
S.
Comment by
Sugoioi on Jul 30, 2021 2:40pm
Stan are there any actions you have planned/pending with the TSX following the AGM?